UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB
(Mark One)
[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

     For the quarterly period ended March 31, 2005

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

     For the transition period from _ _ _ _ _ _ _ _ _ _  to _ _ _ _ _ _ _ _ _ _

     Commission file number 0-27355
                            -------

CIGMA METALS CORPORATION
------------------------
(Exact name of small business issuer as specified in its charter)

Florida                                       98-0203244
-------                                       -----------
(State or other jurisdiction of               (IRS Employer
incorporation or organization)                Identification No.)

1 Edith Place, Coolum Beach, Queensland, Australia, 4573
--------------------------------------------------------
(Address of principal executive offices)

+61 4111 56177
--------------
(Issuer's Telephone Number)

------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.

YES [X]  NO [ ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS

Check, whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.

YES [ ]  NO [ ]

APPLICABLE  ONLY  TO  CORPORATE  ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of  the  latest practicable date: 14,000,000 shares of Common Stock
were  outstanding  as  of  March  31,  2005.

Transitional  Small  Business  Disclosure  Format  (check  one);

YES [ ]  NO [X]


<PAGE>
                            CIGMA METALS CORPORATION

This quarterly report contains statements that plan for or anticipate the future
and  are  not  historical facts. In this Report these forward looking statements
are  generally  identified  by  words  such  as "anticipate," "plan," "believe,"
"expect,"  "estimate,"  and the like. Because forward looking statements involve
future  risks  and  uncertainties,  these  are  factors  that could cause actual
results  to  differ  materially  from  the  estimated  results.  These risks and
uncertainties  are  detailed  in  Part  1  -  Financial  Information  -  Item 1.
"Financial Statements," Item 2. "Management's Discussion and Analysis or Plan of
Operation."

The  Private  Securities  Litigation  Reform Act of 1995, which provides a "safe
harbor"  for  such  statements,  may  not  apply  to  this  Report.

<TABLE>
<CAPTION>
                                      INDEX


                                                                 Page No.
<S>         <C>                                                  <C>
PART I.     Financial Information

Item 1.     Financial Statements
            Balance Sheets --                                           3
            March 31, 2005 and December 31, 2004

            Interim Consolidated Statements of Operations --            4
            Three months Ended March 31, 2005

            Interim Consolidated Statements of Cash Flows --            5
            Three months Ended March 31, 2005

            Notes to Interim Consolidated Financial Statements          6

Item 2.     Management's Discussion and Analysis of
            Financial Condition and Results of Operations              10

Item 3.     Controls and Procedures                                    13

PART II.    Other Information

Item 1.     Legal Proceedings                                          13

Item 2.     Changes in Securities                                      14

Item 3.     Defaults Upon Senior Securities                            14

Item 4.     Submission of Matters to a Vote of Security Holders        14

Item 5.     Other Information                                          14

Item 6.     Exhibits and Reports on Form 8-K                           14

Signatures                                                             14
</TABLE>


                                        2
<PAGE>
<TABLE>
<CAPTION>

CIGMA METALS CORPORATION & SUBSIDIARIES
(An exploration stage enterprise)

Consolidated Balance Sheets
March 31, 2005 and December 31, 2004 (audited)
(Expressed in U.S. Dollars)

-------------------------------------------------------------------------------
                                                      March 31,    December 31,
                                                           2005            2004
                                                    (unaudited)
-------------------------------------------------------------------------------
<S>                                                <C>           <C>
ASSETS
Current
  Cash                                             $   243,559   $     311,845
  Other receivables                                      3,307           6,211
  Available-for-sale securities                        183,398         248,104
-------------------------------------------------------------------------------
Total assets                                       $   430,264   $     566,160
-------------------------------------------------------------------------------


LIABILITIES AND STOCKHOLDERS' EQUITY
Current
  Accounts payable and accrued liabilities         $    12,000   $      21,722
-------------------------------------------------------------------------------


Stockholders' Equity
Capital Stock(Note 5)
  Authorized
    100,000,000 common shares, par value $0.0001
  Issued and outstanding:
    14,000,000 (2004 - 14,000,000) common shares         1,400           1,400
Additional paid in capital                             700,200         700,200
Common stock to be issued                            1,000,000       1,000,000
Accumulated deficit during the exploration stage    (1,136,757)     (1,075,289)
Accumulated other comprehensive loss                  (146,579)        (81,873)
-------------------------------------------------------------------------------
Total stockholders' equity                             418,264         544,438
-------------------------------------------------------------------------------

Total liabilities and stockholders' equity         $   430,264   $     566,160
===============================================================================
</TABLE>

Nature of Business and Continuance of Operations (Note 1)
The accompanying notes are an integral part of these interim consolidated
financial statements.


                                        3
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION & SUBSIDIARIES
(An exploration stage enterprise)

Interim Consolidated Statements of Operations (Unaudited)
(Expressed in U.S. Dollars)
----------------------------------------------------------------------------------------
                                              January 13    Three months    Three months
                                        1989 (inception)           Ended           Ended
                                            to March 31,       March 31,       March 31,
                                                    2005            2005           2004
----------------------------------------------------------------------------------------
<S>                                    <C>                <C>             <C>

General and administrative expenses
  Administrative and general           $        160,749   $      15,218   $       1,713
  Foreign exchange loss                             591               1               -
  Interest                                        3,387             377              19
  Professional fees                             162,155           8,015             933
  Salaries and consulting fees                  298,870          32,550             800
  Property search and negotiation                38,774           6,628          14,586
----------------------------------------------------------------------------------------
                                                664,525          62,789          18,051
Exploration expenses (Note 4)                   110,131               -               -
----------------------------------------------------------------------------------------
Total expenses                                  774,657          62,789          18,051
----------------------------------------------------------------------------------------

Other income (expenses)
  Partnership loss (Note 4)                    (361,600)              -               -
  Write-down of investment in
    partnership interest (Note 4)               (38,400)              -               -
  Interest income                                37,900           1,321               -
----------------------------------------------------------------------------------------
Total other income (expenses)                  (362,100)          1,321               -
----------------------------------------------------------------------------------------

Net loss for the period                $     (1,136,756)  $     (61,468)  $     (18,051)
========================================================================================

Basic and diluted net loss per share                      $       (0.00)  $       (0.00)
========================================================================================

Weighted average number of common
shares outstanding                                           14,000,000      14,000,000
========================================================================================
<FN>

The accompanying notes are an integral part of these interim consolidated financial
statements.
</TABLE>


                                        4
<PAGE>
<TABLE>
<CAPTION>

CIGMA METALS CORPORATION AND SUBSIDIARIES
(An exploration stage enterprise)

Interim Consolidated Statement of Cash Flows (Unaudited)
(Expressed in U.S. Dollars)
-----------------------------------------------------------------------------------------------------------
                                                                January 13    Three months     Three months
                                                           1989 (inception)          Ended            Ended
                                                              to March 31,       March 31,        March 31,
                                                                      2005            2005            2004
                                                          -------------------------------------------------
<S>                                                       <C>                <C>             <C>
Cash flows used in operating activities
Net loss for the period                                   $     (1,136,757)  $     (61,468)  $     (18,051)
  Adjustments to reconcile net loss to net cash used
  in operating activities
  - issuance of common stock for mineral property rights               600               -               -
  - issuance of common stock for services rendered                   1,000               -               -
  - partnership loss                                               361,600               -               -
  - write-down of investment in partnership interest                38,400               -               -
  - accumulated unrealized losses on available
    for sale securities                                           (146,579)        (64,706)          6,906
  Changes in assets and liabilities
  - decrease (increase) in available-for-sale securities          (183,398)         64,706          (6,906)
  - decrease (increase) in other receivables                        (3,307)          2,904               -
  - increase (decrease) in accounts payable
    And accrued liabilities                                         12,000          (9,722)         17,961
-----------------------------------------------------------------------------------------------------------
Net cash used in operating activities                           (1,056,441)        (68,286)            (90)
-----------------------------------------------------------------------------------------------------------


Cash flows used in investing activities
  - investment in partnership interest                            (400,000)              -               -
-----------------------------------------------------------------------------------------------------------
Net cash used in investing activities                             (400,000)              -               -
-----------------------------------------------------------------------------------------------------------


Cash flows from financing activities
  - proceeds from issuance of common stock                         700,000               -               -
  - shares subscribed                                            1,000,000               -               -
-----------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                        1,700,000               -               -
-----------------------------------------------------------------------------------------------------------


Increase (decrease) in cash for the period                         243,559         (68,286)            (90)
Cash, beginning of period                                                -         311,845             103
-----------------------------------------------------------------------------------------------------------
Cash, end of period                                       $        243,559   $     243,559   $          13
===========================================================================================================
<FN>

The accompanying notes are an integral part of these interim consolidated financial statements.
</TABLE>


                                        5
<PAGE>
Cigma  Metals  Corporation  and  Subsidiaries
(an  exploration  stage  company)

Notes  to  Interim  Consolidated  Financial  Statements  (Unaudited)

     1.   Nature  of  Business  and  Continuance  of  Operations

          The Company was incorporated under the laws of the State of Florida on
          January  13, 1989 as Cigma Ventures Corporation. On April 17, 1999 the
          Company  changed  its  name  to Cigma Metals Corporation and is in the
          business  of  location,  acquisition,  exploration  and, if warranted,
          development  of  mineral properties. The Company is in the exploration
          stage  and  has  not  yet  determined  whether  its properties contain
          mineral  reserves  that  may  be  economically  recoverable.

          These  financial  statements  have  been  prepared  in accordance with
          generally  accepted  accounting  principles  in  the  United States of
          America  ("US GAAP") applicable to a going concern, which contemplates
          the  realization  of  assets  and  the satisfaction of liabilities and
          commitments  in  the  normal  course of business. The general business
          strategy  of  the  Company  is  to  acquire  mineral properties either
          directly  or  through  the  acquisition  of  operating  entities.  The
          continued  operations of the Company and the recoverability of mineral
          property  costs  is  dependent  upon  the  existence  of  economically
          recoverable  mineral  reserves, confirmation of the Company's interest
          in the underlying mineral claims, the ability of the Company to obtain
          necessary  financing  to  complete  the  development  and  upon future
          profitable  production.  The  Company has incurred recurring operating
          losses  and  requires  additional  funds  to  meet its obligations and
          maintain  its  operations.  Management's  plans  in this regard are to
          raise  equity  financing  as  required.

          These  conditions  raise substantial doubt about the Company's ability
          to  continue  as  a  going  concern. These financial statements do not
          include  any  adjustments  that  might  result  from this uncertainty.

          The  Company  has  not  generated  any  operating  revenues  to  date.

     2.   Basis  of  Presentation

          The  accompanying  unaudited  condensed financial statements have been
          prepared  in  accordance with generally accepted accounting principles
          for  interim  financial information and with the instructions for Form
          10-QSB  and  Item  310(b)  of Regulation S-B. Accordingly, they do not
          include  all  the  information  and  footnotes  required  by generally
          accepted  accounting  principles for complete financial statements. In
          the  opinion of management, all adjustments (consisting only of normal
          recurring  adjustments)  considered  necessary for a fair presentation
          have been included. Operating results for the three month period ended
          March  31, 2005 are not necessarily indicative of the results that may
          be  expected  for  the  year  ended  December  31,  2005.

          The  balance  sheet  at  December  31,  2004 has been derived from the
          audited  financial statements at that date. The consolidated financial
          statements  and  footnotes  thereto  included  in  the  Cigma  Metals
          Corporation  Annual  Report on Form 10-KSB for the year ended December
          31,  2004  should  be  reviewed  in  connection  with  these condensed
          consolidated  financial  statements.

     3.   Significant  Accounting  Policies

     (a)  Principles  of  Consolidation

          These  consolidated  financial statements, prepared in accordance with
          US  GAAP,  include  the  accounts  of the Company and its wholly-owned
          subsidiaries, Northgold Company ("Northgold") and Cigma Metals ("BVI")
          Limited  ("Cigma  BVI").  Collectively, they are referred to herein as
          "the  Company").  Significant  inter-company accounts and transactions
          have  been  eliminated.  Northgold  and  Cigma  BVI  are  inactive.


                                        6
<PAGE>
Cigma  Metals  Corporation  and  Subsidiaries
(an  exploration  stage  company)

Notes  to  Interim  Consolidated  Financial  Statements  (Unaudited)

     3.   Significant  Accounting  Policies  (cont'd.)

     (b)  Accounting  Estimates

          The  preparation  of financial statements in conformity with generally
          accepted  accounting  principles  of  the  United  States  of  America
          requires  management to make estimates and assumptions that affect the
          reported  amounts  of  assets  and  liabilities  and  disclosure  of
          contingent  assets  and  liabilities  at  the  date  of  the financial
          statements  and  the  reported amounts of revenues and expenses during
          the reporting period. Actual results could differ from those estimates
          and  assumptions.


     (c)  Mineral  Properties  and  Exploration  Expenses

          Exploration  costs  are  charged  to operations as incurred until such
          time  that proven reserves are discovered. From that time forward, the
          Company  will capitalize all costs to the extent that future cash flow
          from  mineral  reserves  equals  or  exceeds  the  costs deferred. The
          deferred  costs will be amortized over the recoverable reserves when a
          property  reaches  commercial  production.  As  at  March 31, 2005 and
          December  31,  2004,  the  Company  did  not  have  proven  reserves.

          Costs  of  initial  acquisition  of mineral rights and concessions are
          capitalized  until  the properties are abandoned or the right expires.

          Exploration  activities conducted jointly with others are reflected at
          the  Company's  proportionate  interest  in  such  activities.

          Costs  related  to site restoration programs are accrued over the life
          of  the  project.

     (d)  Investment  in  Partnership  Interest

          The  investment  in  the HadleyGold partnership interest is carried at
          cost  and  adjusted  for  any  return of capital and any allocation of
          profits and losses including the Company's share of exploration costs.
          Fair  value  adjustments  may  be  required  where there are long term
          indications  relating  to  the  impairment  of  the  interest.

     (e)  Stock-Based  Compensation

          The  Company  has  adopted  the  fair  value  method of accounting for
          stock-based  compensation as recommended by the Statement of Financial
          Accounting  Standards  ("SFAS")  No.  123  (SFAS  123), Accounting for
          Stock-based  Compensation.

          The  Company  did  not  grant  any stock options during the period and
          accordingly  has  not  recorded  any  stock  based  compensation.

     (f)  Available-for-sale  Securities

          Available-for-sale  securities  are  carried at fair market value with
          unrealized  holding  gains  and  losses  included  as  a  component of
          accumulated other comprehensive loss, unless a permanent impairment in
          value  has  occurred,  which  is  then charged to operations. Realized
          gains  and  losses  are  determined  on  an  average  cost  basis when
          securities  are  sold.


                                        7
<PAGE>
Cigma  Metals  Corporation  and  Subsidiaries
(an  exploration  stage  company)

Notes  to  Interim  Consolidated  Financial  Statements  (Unaudited)

     3.   Significant  Accounting  Policies  (cont'd.)

     (g)  Long-Lived  Assets  Impairment

          Long-lived  assets  are  reviewed  for  impairment  whenever events or
          changes  in circumstances indicate that the carrying amount may not be
          recoverable,  in accordance with the Statement of Financial Accounting
          Standards  No.  144  (SFAS  144),  Accounting  for  the  Impairment or
          Disposal  of Long-Lived Assets. An impairment loss would be recognized
          when  the  carrying  amount  of  an  asset  exceeds  the  estimated
          undiscounted  future cash flows expected to result from the use of the
          asset  and its eventual disposition. The amount of the impairment loss
          to  be  recorded  is  calculated by the excess of the asset's carrying
          value  over its fair value. Fair value is generally determined using a
          discounted  cash  flow  analysis.

     (h)  Accounting  for  Derivative  Instruments  and  Hedging  Activities

          The  Company  has  adopted  the  Statement  of  Financial  Accounting
          Standards No. 133 (SFAS 133) Accounting for Derivative Instruments and
          Hedging  Activities,  which  requires  companies  to  recognize  all
          derivative  contracts  as  either assets or liabilities in the balance
          sheet  and  to  measure  them at fair value. If certain conditions are
          met,  a  derivative  may  be  specifically  designated as a hedge, the
          objective  of which is to match the timing of gain or loss recognition
          on  the  hedging derivative with the recognition of (i) the changes in
          the  fair value of the hedged asset or liability that are attributable
          to  the  hedged  risk  or  (ii)  the  earnings  effect  of  the hedged
          forecasted  transaction.  For a derivative not designated as a hedging
          instrument,  the gain or loss is recognized in income in the period of
          change.

          Historically,  the  Company  has not entered into derivative contracts
          either  to  hedge  existing  risks  or  for  speculative purposes. The
          Company  does  not  anticipate that the adoption of the statement will
          have  a  significant  impact  on  its  financial  statements.

     (i)  Income  Taxes

          The  Company  has  adopted  the  Statement  of  Financial  Accounting
          Standards  No.  109  (SFAS  109),  Accounting  for income Taxes, which
          requires  the Company to recognize deferred tax liabilities and assets
          for  the  expected  future  tax  consequences of events that have been
          recognized  in the Company's financial statements or tax returns using
          the  liability method. Under this method, deferred tax liabilities and
          assets  are  determined based on the differences between the financial
          statement  carry amounts and tax bases of assets and liabilities using
          enacted  tax rates in effect in the years in which the differences are
          expected  to  reverse.

     (j)  Loss  Per  Share

          The  Company  computes loss per share in accordance with SFAS No. 128,
          "Earnings  per  Share"  which  requires presentation of both basic and
          diluted earnings per share on the face of the statement of operations.
          Basic  loss  per  share  is computed by dividing net loss available to
          common  shareholders  by  the  weighted  average number of outstanding
          common  shares  during the period. Diluted loss per share gives effect
          to  all dilutive potential common shares outstanding during the period
          including  stock  options and warrants, using the treasury method, and
          preferred  stock,  using  the  if-converted  method. Dilutive loss per
          share  excludes  all  potential  common  shares  if  their  effect  is
          anti-dilutive.


                                        8
<PAGE>
Cigma  Metals  Corporation  and  Subsidiaries
(an  exploration  stage  company)

Notes  to  Interim  Consolidated  Financial  Statements  (Unaudited)

     4.   Mineral  Properties  and  Exploration  Expenses

          The Company holds an interest in a mineral exploration licence located
          in  the  Tomsk Oblast Region, of the Russian Federation. The Company's
          strategy  is  to  concentrate  its  investigations  into: (i) Existing
          operations  where  an  infrastructure  already exists; (ii) Properties
          presently  being  developed  and/or  in advanced stages of exploration
          which have potential for additional discoveries; and (iii) Grass-roots
          exploration  opportunities.

          On August 30, 2004, the company signed a Joint Activity Agreement with
          OOO  Science Industrial Corporation Geosphera ("Geosphera"), a company
          registered  in  Russia,  to  form  a simple partnership to explore the
          Haldeiskaja  license located in the Tomsk district of the Tomsk region
          of  the Russian Federation, 25 km East of the city of Tomsk. Geosphera
          would  earn  a  51%  interest  in  the partnership by contributing the
          license  for the Haldeiskaja area and the geological data. The license
          and  the geological data was valued at $52,000. Cigma would earn a 49%
          interest  in  the  partnership by paying $50,000 (paid May 26, 2004 to
          Geosphera).  Cigma  increased  it's interest in the partnership to 80%
          (Geosphera  -  20%) by funding $350,000 of exploration expenditures on
          the licensed property in 2004 (the final payment was made to Geosphera
          in  November  2,  2004).  Geosphera  is  the  manager  of the project.

          Pursuant to the terms of the Joint Activity Agreement, a joint venture
          company, HaldeyGold Ltd., will be registered in the Russian Federation
          in  order  to  conduct  further  financing and exploration work on the
          Haldeevskaya licence area. HaldeyGold was registered with the Ministry
          of  the  Russian  Federation for Taxes and Levies on January 19, 2005.
          The  Partnership  transferred  the  Haldeevskaya  mineral  exploration
          licence along with all relevant geological data to HaldeyGold on March
          16,  2005.  Cigma  has  an 80% (Geosphera 20%) interest in HaldeyGold.

          The  Company  has agreed to fund an additional $300,000 and $2,450,000
          toward the 2005 and 2006 HaldeyGold exploration budgets, respectively.
          In  the event that the Company decides not to fund the $300,000 in the
          2005  exploration budget, the Company's interest in HaldeyGold will be
          reduced  to  20%.  In  the  event  that  the  Company  funds less than
          $1,500,000  of  the 2006 exploration budget, the Company's interest in
          HaldeyGold  will  be reduced to 50%. Geosphera's ownership interest in
          HaldeyGold  can  not  be  reduced  below  20%.

          Consistent  with  the  Company's  accounting policies, acquisition and
          exploration  costs on unproven reserves are charged to operating costs
          as  incurred.

          The  Company's investment in the HadleyGold partnership interest is as
          follows:

<TABLE>
<CAPTION>
                                                   ----------------------------------------------------
                                                        January 13,
                                                               1989      Three months      Three months
                                                     (inception) to   ended March 31,   ended March 31,
                                                     March 31, 2005              2005              2004
                                                   ----------------------------------------------------
<S>                                                <C>               <C>               <C>

          Capital invested                         $       400,000   $              -  $              -
          Operating loss                                  (361,600)                 -                 -
                                                   ----------------------------------------------------
                                                            38,400                  -                 -
          Write-down of investment in partnership
          interest                                         (38,400)                 -                 -
                                                   ----------------------------------------------------
          Partnership interest at end of period    $             -   $              -  $              -
                                                   ----------------------------------------------------
</TABLE>


                                        9
<PAGE>
Cigma  Metals  Corporation  and  Subsidiaries
(an  exploration  stage  company)

Notes  to  Interim  Consolidated  Financial  Statements  (Unaudited)

     4.   Mineral  Properties  and  Exploration  Expenses  (cont'd.)

          Exploration  expenses  on  the Haldeiskaja mineral exploration licence
          area  located  in  the  Tomsk  Oblast region of the Russian Federation
          totalled $0 during the three months ended March 31, 2005 (2004 - $0) ,
          $0 (2004 - $0) in partnership loss and $0 (2004 - $0) in write-down of
          investment  in  partnership  interest.

     5.   Capital  Stock

          As  at  March  31,  2005,  the  Corporation's authorized capital stock
          consists  of 100,000,000 common shares with a par value of $0.0001 per
          share.  There  were 14,000,000 common shares issued and outstanding at
          March 31, 2005 and December 31, 2004. In May 2004 the Company closed a
          private  placement  which  consisted  of  1,000,000 common shares at a
          price  of  $1.00 per share for proceeds of $1,000,000. As at March 31,
          2005  the  common  shares  had  not  yet  been  issued.

     6.   Stock  Options  Outstanding

          At  March  31,  2005  and  December  31, 2004 the Company had no stock
          options  outstanding.


     7.   Related  Party  Transactions

          Related  party transactions not disclosed elsewhere in these financial
          statements  include:

          During  the  three  month  period  ended  March 31, 2005, salaries and
          consulting  fees of $26,000 (fiscal 2004 - $0) were paid to directors.

          Except  as  otherwise  noted,  these  transactions are recorded at the
          exchange  amount,  being  the  value  established and agreed to by the
          related  parties.


     8.   Reclassifications

          Certain  reclassifications  of  comparative balances have been made to
          conform  to  current  year  classifications.


ITEM 2.  MANAGEMENT'S'  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATIONS

     (A)  General

          The  Company  is  a  mineral  exploration  company  with  offices  in
          Queensland,  Australia  and  Tomsk,  Russia  and  is  engaged  in  the
          exploration  for  precious  metals. The Company was incorporated under
          the laws of the State of Florida on January 13, 1989 as Cigma Ventures
          Corporation.  On  April 17, 1999 the Company changed its name to Cigma
          Metals  Corporation  and  is in the business of location, acquisition,
          exploration  and,  if  warranted,  development  of mineral properties.

          This document contains numerous forward-looking statements relating to
          the  Company's  business.  The  United  States  Private  Securities
          Litigation  Reform  Act  of  1995 provides a "safe harbor" for certain
          forward-looking statements. Operating, exploration and financial data,
          and  other  statements  in  this document are based on information the
          company  believes reasonable, but involve significant uncertainties as
          to  future  gold  and  silver prices, costs, ore grades, estimation of
          gold  and  silver  reserves,  mining  and  processing


                                       10
<PAGE>
ITEM 2.  MANAGEMENT'S'  DISCUSSION  AND ANALYSIS OR PLAN OF OPERATIONS (cont'd.)

     (A)  General  (cont'd.)

          conditions,  changes  that  could  result  from  the  Company's future
          acquisition  of  new  mining  properties  or businesses, the risks and
          hazards  inherent  in  the  mining  business  (including environmental
          hazards,  industrial  accidents,  weather  or  geologically  related
          conditions),  regulatory and permitting matters, and risks inherent in
          the ownership and operation of, or investment in, mining properties or
          businesses  in  foreign countries. Actual results and timetables could
          vary significantly from the estimates presented. Readers are cautioned
          not  to  put undue reliance on forward-looking statements. The Company
          disclaims  any  intent  or  obligation  to  update  publicly  these
          forward-looking  statements,  whether  as a result of new information,
          future  events  or  otherwise.


     (B)  Significant developments during the three month period ended March 31,
          2005  and  Subsequent  Events

          During  the  three  month  periods  ended  March 31, 2005 and 2004 the
          Company  did  not  issue  any  common  shares. In May 2004 the Company
          closed  the  private  placement  announced  in March 2004. The private
          placement consisted of 1,000,000 common shares at a price of $1.00 per
          share  for proceeds of $1,000,000. As at March 31, 2005 the shares had
          not  yet  been  issued.

          Under  the  terms of the Haldeiskaja Joint Activity Agreement, a joint
          venture  company, HaldeyGold Ltd., was registered with the Ministry of
          the  Russian  Federation  for  Taxes and levies on January 19, 2005 in
          order  to  conduct  further  financing  and  exploration  work  on the
          Haldeiskaja  license  area.  The Haldeiskaja joint venture partnership
          transferred the Haldeiskaja mineral exploration license along with all
          relevant  ''''geological  data  to HaldeyGold on March 16, 2005. Cigma
          has  an  80%  (Geosphera  20%)  interest  in  HaldeyGold.

          The  Company concentrated its exploration activities on examining data
          relating to the potential acquisition or joint venturing of additional
          mineral  properties  in either the exploration or development stage in
          the  Russian  Federation.

     (C)  Exploration  and  Development

          The Company's property is in the exploration stage only and is without
          a  known  body  of  Mineral Reserves. Development of the property will
          follow  only if satisfactory exploration results are obtained. Mineral
          exploration  and  development  involves  a high degree of risk and few
          properties  that  are explored are ultimately developed into producing
          mines.  There  is  no assurance that the Company's mineral exploration
          and  development  activities  will  result  in  any  discoveries  of
          commercially  viable  bodies  of  mineralization.  The  long-term
          profitability  of  the Company's operations will be, in part, directly
          related to the cost and success of its exploration programs, which may
          be  affected  by  a  number  of  factors.

     (D)  Results  of  Operations

          Three  months Ended March 31, 2005 versus Three months Ended March 31,
          2004

          The Company did not issue any common shares for cash in either period.

          The  Company  had  no  operating  revenues for the three month periods
          ended  March  31,  2005  or  2004.

          For  the three months ended March 31, 2005 the Company recorded a loss
          of  $61,468  (2004  -  $18,051)  or  $0.00  per  share (2004 - $0.00).


                                       11
<PAGE>
ITEM  2.  MANAGEMENT'S'  DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (cont'd.)

     (D)  Results  of  Operations  (cont'd.)

          General and administrative expenses - For the three month period ended
          March  31,  2005  the  Company  recorded  general  and  administrative
          expenses  of  $62,789  (2004  -  $18,051).  The  2005 amount includes,
          professional fees - accounting $0 (2004 - $933) and legal $8,015 (2004
          -  $0).

          Exploration  expenditures - For the three month period ended March 31,
          2005  the  Company  recorded  exploration  expenses on the Haldeiskaja
          mineral exploration licence area located in the Tomsk Oblast region of
          the  Russian  Federation  of  $0  (2004  -  $0).

     (E)  Capital  Resources  and  Liquidity

          At  March  31,  2005 the Company had cash of $243,559 (2004 - $13) and
          working  capital  of  $418,264  (2004  - $221,344) respectively. Total
          liabilities  as  of  March  31,  2005 were $12,000 (2004 - $64,699), a
          decrease  of  $52,699.  During the three month periods ended March 31,
          2005 and 2004 the Company did not issue any common shares for cash. In
          May  2004  the Company closed the private placement announced in March
          ''''2004.  The  private placement consisted of 1,000,000 common shares
          at  a price of $1.00 per share for proceeds of $1,000,000. As at March
          31,  2005  the  common  shares  had  not  yet  been  issued.

          For the three month period ended March 31, 2005 the Company recorded a
          net  loss  of  $61,468  (2004  -  $18,051)  or $0.00 per share (2004 -
          $0.00).

          The  Company  has  sufficient  working  capital  to  (i)  pay  its
          administrative  and  general  operating  expenses through December 31,
          2005 and (ii) to conduct its preliminary exploration programs. Without
          cash  flow  from  operations,  it  may need to obtain additional funds
          (presumably  through equity offerings and/or debt borrowing) in order,
          if  warranted,  to  implement  additional  exploration programs on its
          properties.  Failure to obtain such additional financing may result in
          a  reduction  of  the  Company's  interest in certain properties or an
          actual  foreclosure  of its interest. The Company has no agreements or
          understandings  with  any  person  as  to  such  additional financing.

          The  Company's  exploration  properties  have not commenced commercial
          production  and  the  Company  has no history of earnings or cash flow
          from  its  operations.  While  the  Company  may  attempt  to generate
          additional working capital through the operation, development, sale or
          possible  joint  venture  development  of  its  property,  there is no
          assurance  that  any  such  activity  will generate funds that will be
          available  for  operations.

     (F)  Plans  for  the  Years  2005  and  2006

          During  the  next  12  months  the Company intends to raise additional
          funds  through  equity  offerings  and/or  debt  borrowing to meet its
          administrative/general  operating  expenses  and  to  conduct  work on
          exploration properties. There is, of course, no assurance that it will
          be  able  to  do  so.

          The  Company  will concentrate its 2005/2006 exploration activities on
          (1)  the  Haldeiskaja  mineral exploration licence area located in the
          Tomsk  Oblast  region of the Russian Federation and (2) examining data
          relating to the potential acquisition or joint venturing of additional
          mineral  properties  in either the exploration or development stage in
          the  Russian  Federation.  Additional  employees  will  be  hired on a
          consulting  basis  as  required  by  the  exploration  projects.

          The  2005/2006  exploration  work  program  on the Haldeiskaja mineral
          exploration  licence  area  will entail lithochemical studies, surface
          mapping  of  geology,  sampling  of soils on a grid basis to delineate
          geochemical anomalies, stream sediment sampling, analytical testing of
          the  lithochemical  samples  taken in 2003, 2004 and 2005, geophysical
          surveying, topographic and geodetic surveying. The data assembled from
          this  work  will be used to determine whether: (i) further exploration
          and diamond core drilling is warranted and if so the sites for initial
          holes;  or  (ii)  whether  certain claim blocks should be surrendered.


                                       12
<PAGE>
ITEM  2.  MANAGEMENT'S'  DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (cont'd.)


     (G)  Application  of  Critical  Accounting  Policies

          The  preparation of its consolidated financial statements requires the
          Company  to  use  estimates  and  assumptions that affect the reported
          amounts  of  assets  and liabilities as well as revenues and expenses.
          The  Company's  accounting  policies  are  described  in note 2 to its
          December  31,  2004  financial  statements.  The  Company's accounting
          policies  relating  to  materials  and  supplies,  depreciation  and
          amortization  of plant and equipment and the capitalization of mineral
          property  acquisition,  exploration and development costs are critical
          accounting  policies  that  are  subject  to estimates and assumptions
          regarding  future  activities.

          See  the  following  notes  to  the  Interim  Financial  Statements:


               Note  3(c)  -  Mineral  Properties  and  Exploration  Expenses

               Note  3(d)  -  Investment  in  Partnership  Interest  '

     (H)  Off-balance Sheet Arrangements and Contractual Obligations

          The  Company  does  not  have  any  off-balance  sheet arrangements or
          contractual  obligations  that  are  likely  to have or are reasonably
          likely  to  have  a material current or future effect on the Company's
          financial  condition,  changes  in  financial  condition,  revenues or
          expenses,  results  of  operations, liquidity, capital expenditures or
          capital  resources  that  have  not  been  disclosed  in the Company's
          financial  statements.

     (I)  Market  Risk  Disclosures

          The  Company has not entered into derivative contracts either to hedge
          existing  risks  or  for  speculative  purposes.


ITEM  3.  CONTROLS  AND  PROCEDURES

     (a)  Within 90 days prior to the date of this report, the Company completed
          an  evaluation of the effectiveness of the design and operation of its
          disclosure controls and procedures. Disclosure controls and procedures
          are  designed to ensure that the material financial, and non-financial
          information,  required  to be disclosed on Form 10-QSB, and filed with
          the  Securities  and  Exchange  Commission  is  recorded,  processed,
          summarized  and  reported  in a timely manner. Based on the foregoing,
          the  Company's management, including the President and Chief Financial
          Officer,  have  concluded  that  the Company's disclosure controls and
          procedures  (as  defined  in  Rules  240.13a-15  or  240.15d-15 of the
          Securities  Exchange  Act  of  1934,  as  amended)  are  effective.

     (b)  There have been no significant changes in our internal controls, or in
          other  factors,  that  could  significantly  affect  these  controls
          subsequent to the date of the evaluation hereof. No corrective actions
          were  taken,  therefore,  with  regard to significant deficiencies and
          material  weaknesses.


PART 11.  OTHER  INFORMATION

     ITEM 1.   Legal  Proceedings

          The  Company  is  not party to any litigation, and has no knowledge of
          any  pending  or  threatened  litigation  against  it.


                                       13
<PAGE>
PART 11.     OTHER INFORMATION (cont'd.)

     ITEM  2.  Changes  in  Securities
               No  securities  were  issued  during  the  three  month  period
               ended  March  31,  2005.

     ITEM 3.   Defaults  Upon  Senior  Securities
               Not  Applicable

     ITEM 4.   Submission  of  Matters  to  a  Vote  of  Security  Holders
               Not  Applicable

     ITEM 5.   Other  Information
               None.

     ITEM 6.   Exhibits  and  Reports  on  Form  8-K

<TABLE>
<CAPTION>
     (a)  Exhibits:

<S>         <C>
     3.1.1  Certificate of Incorporation*
     3.1.2  Certificate of Amendment to the Certificate of Incorporation*
     3.2.1  By-laws*
     13.1   Form 10-KSB for the Year Ended December 31, 2004*
            Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the
     31.1   Sarbanes-Oxley Act of 2002
            Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the
     32.1   Sarbanes-Oxley Act of 2002
     99.1   Corporate Governance Principles*
</TABLE>

--------
*  Previously  Filed

(b)  Reports  on  Form  8-K

No  reports on Form 8-K were filed during the last quarter of the period covered
by  this  report.


--------------------------------------------------------------------------------

                                   SIGNATURES

In  accordance  with the requirements of the Exchange Act, the registrant caused
this  report  to  be  signed  on  its  behalf by the undersigned, thereunto duly
authorized.

                                             CIGMA METALS CORPORATION
                                             ------------------------
                                                    Registrant

     Date:  March 24, 2006                BY:  /s/  Lars Pearl
                                                    Lars Pearl
                                                    Director


     Date:  March 24, 2006                BY:  /s/  Waldemar Mueller
                                                    Waldemar Mueller
                                                    Director


                                       14